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Stock Exchange Prices

Volume 414: debated on Tuesday 23 October 1945

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Another question I should like to mention to the Committee is that of minimum prices on the Stock Exchange. These were fixed at the outbreak of the war for all gilt edged stocks, when it was feared that there might be panic selling. The prices were those quoted on 23rd August, 1939. These minima were increased in March, 1940; but they are now, and have, for some time, been quite out of relation with current prices; and after discussing the matter with those concerned, I have come to the conclusion that they no longer serve any useful purpose whatever. They are no help now, even if they ever were, to the policy of cheap money which His Majesty's Government are pursuing. I have, therefore, told the Chairman of the Stock Exchange that I should approve of their abolition and they are being abolished to-day.